The Federal High Court in Lagos has issued a temporary order freezing the bank accounts of businessman Dare Osamo over an alleged unpaid debt amounting to N998.6 million.
The judge, Justice Ambrose Lewis-Allagoa, in his ruling directed 19 commercial banks across Nigeria to refrain from transferring, handling, or disbursing any funds—up to N998,618,351.13 or any lesser amount—belonging to Osamo and his company, Star Orient Nigeria Limited.
Star Orient Nigeria Ltd is an aviation fueling company based in Lagos, Nigeria.
The financial institutions affected by the order include Guaranty Trust Bank Plc, Zenith Bank Plc, Fidelity Bank Plc, Polaris Bank Ltd, Stanbic IBTC Bank Plc, Keystone Bank Ltd, Sterling Bank Plc, United Bank for Africa Plc, Union Bank Plc, Globus Bank Ltd, First Bank of Nigeria Ltd, Wema Bank Plc, Citibank Nigeria Limited, Standard Chartered Bank, Parallex Bank Ltd, Access Bank Plc, Ecobank Nigeria Ltd, Unity Bank Plc, and Providus Bank.
The interim ruling followed an Ex Parte motion marked FHC/L/CS/19/2025, filed by lawyer Nick Omeye on behalf of First City Monument Bank (FCMB) Plc and UTL Trust Management Services Limited against Dare Osamo and his firm.
In the motion, Omeye sought several reliefs from the court, including:
“An order of Mareva Injunction restraining the third to 21st respondents, their agents, privies, and/or assigns from transferring, handling, or disbursing any funds up to N998,618,351.13 or any lesser amount belonging to the first and second defendants pending the determination of the Motion on Notice.”
He further requested:
“An order directing the third to 21st respondents to disclose to this Honourable Court on oath within 14 days from the date of service of the Mareva order the total amount of money in their custody belonging to the 1st and 2nd defendants.”
Additionally, the motion asked the court to:
“Direct the Inspector General of Police or the Commissioner of Police, Lagos State Police Command, to provide police assistance/protection to the 3rd Plaintiff/Applicant, who has been appointed Receiver under the All Assets Debenture Trust Deed dated February 22, 2018, and the Supplemental Debenture Trust Deed dated October 22, 2018, to enable the 3rd Plaintiff to exercise receivership rights over the charged assets of the 1st defendant pending the hearing and determination of the Motion on Notice.”
The Ex Parte motion was supported by an affidavit from Samson Newton, a written address, and additional documentary exhibits.
After reviewing the application and hearing the submissions presented by counsel, Justice Lewis-Allagoa granted the requested orders.
The case has been adjourned to May 2 for hearing of the substantive suit.
